Luanda: The representative of the World Bank in Angola and São Tomé and Príncipe, Juan Carlos Alvarez, has called for increased publicity efforts for the ‘Diversifica Mais’ project. This initiative aims to enhance access to funding for the Lobito Corridor’s infrastructure development.
According to Angola Press News Agency, the project is a significant component of Angola’s strategy to diversify its economy and increase employment opportunities. It focuses on companies situated along the Lobito Corridor, specifically connecting the provinces of Benguela, Huambo, Bié, and Moxico. ‘Diversifica Mais’ is designed to create employment opportunities for micro, small, and medium-sized enterprises, with an investment of 300 million US dollars. Additionally, the project plans to train around 12,000 companies operating along this strategic rail and economic corridor, which runs from the port of Lobito to the Democratic Republic of Congo and northern Zambia.
At an event titled ‘Matabicho with the Press,’ Alvarez unders
cored the necessity of promoting more awareness campaigns so that businesses can become informed about the project and avail themselves of its funding. He highlighted that the World Bank currently manages a portfolio of 20 projects, 18 of which are dedicated solely to Angola. These projects, which encompass sectors such as education, health, agricultural production, and social protection, have a cumulative value of approximately 4.6 billion US dollars. Furthermore, the World Bank’s technical team has reviewed Angola’s GDP growth projection, which stands at an estimated 3.2% for 2024.
Alvarez noted the growth forecast for 2025 is 2.8%, though he acknowledged potential changes. He remarked, “At the beginning of this year, we had a forecast of 2.8%, now at the end of last month (December) it has already risen to 3.2%.” He also commented on the recent visit by US President Joe Biden, viewing it as a testament to the United States’ increasing confidence and investment interest in Angola.
The Lobito Corridor is r
ecognized as a key route for enhancing Angola’s economic diversification potential. Known as the route of the two oceans, it links the Atlantic and Indian Oceans, offering a shorter export route to the mining regions of Zambia and the DRC. This strategic position enhances the development potential for small businesses adjacent to rail transport and offers a competitive alternative to road transport, aligning with the objectives of the ‘Diversifica Mais’ Project.
